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Chile Economy 1996

Overview:

Chile has a prosperous, essentially free market economy, with the degree of government intervention varying according to the philosophy of the different regimes. Under the center-left government of President AYLWIN, which took power in March 1990, spending on social welfare rose steadily. At the same time business investment, exports, and consumer spending also grew substantially. The new president, FREI, who took office in March 1994, has emphasized social spending even more. Growth in 1991-94 has averaged 6.5% annually, with an estimated one million Chileans having moved out of poverty in the last four years. Copper remains vital to the health of the economy; Chile is the world's largest producer and exporter of copper. Success in meeting the government's goal of sustained annual growth of 5% depends on world copper prices, the level of confidence of foreign investors and creditors, and the government's own ability to maintain a conservative fiscal stance.

National product:

GDP - purchasing power parity - $97.7 billion (1994 est.)

National product real growth rate:

4.3% (1994 est.)

National product per capita:

$7,010 (1994 est.)

Inflation rate (consumer prices):

8.7% (1994 est.)

Unemployment rate:

6% (1994 est.)

Budget:

revenues:

$10.9 billion

expenditures:

$10.9 billion, including capital expenditures of $1.2 billion (1993)

Exports:

$11.5 billion (f.o.b., 1994)

commodities:

copper 41%, other metals and minerals 8.7%, wood products 7.1%, fish and fishmeal 9.8%, fruits 8.4% (1991)

partners:

EC 29%, Japan 17%, US 16%, Argentina 5%, Brazil 5% (1992)

Imports:

$10.9 billion (f.o.b., 1994)

commodities:

capital goods 25.2%, spare parts 24.8%, raw materials 15.4%, petroleum 10%, foodstuffs 5.7%

partners:

EC 24%, US 21%, Brazil 10%, Japan 10% (1992)

External debt:

$20 billion (1994 est.)

Industrial production:

growth rate 4.3% (1993 est.); accounts for 34% of GDP

Electricity:

capacity:

4,810,000 kW

production:

22 billion kWh

consumption per capita:

1,499 kWh (1993)

Industries:

copper, other minerals, foodstuffs, fish processing, iron and steel, wood and wood products, transport equipment, cement, textiles

Agriculture:

accounts for about 7% of GDP (including fishing and forestry); major exporter of fruit, fish, and timber products; major crops - wheat, corn, grapes, beans, sugar beets, potatoes, deciduous fruit; livestock products - beef, poultry, wool; self-sufficient in most foods; 1991 fish catch of 6.6 million metric tons; net agricultural importer

Illicit drugs:

a minor transshipment country for cocaine destined for the US and Europe; booming economy has made it more attractive to traffickers seeking to launder drug profits

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $521 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $1.6 billion; Communist countries (1970-89), $386 million

Currency:

1 Chilean peso (Ch$) = 100 centavos

Exchange rates:

Chilean pesos (Ch$) per US$1 - 408 (January 1995), 420.08 (1994), 404.35 (1993), 362.59 (1992), 349.37 (1991), 305.06 (1990)

Fiscal year:

calendar year

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Revised 13-August-1997